Yahoo's Chairman Maynard Webb said Wednesday that the board had full confidence in chief executive Marissa Mayer, despite the company still struggling to build the value of its Internet operations.

Asked on CNBC if the board retains complete confidence in Mayer after her three years at the helm, Webb replied: "Absolutely. I've had the distinct pleasure of running (it) with her now for three years, and I've never met anybody that works harder, that's smarter, and cares more."

"So we want to help her return this great company to an iconic place where it belongs."